Masaaki Shirakawa

After watching Ben S. Bernanke take unprecedented steps for four years to rebound from the worst recession since the Great Depression, the Bank of Japan is signaling that the Federal Reserve’s full-throttle approach to stimulus is the way to end 15 years of deflation.

Bank of Japan Governor Haruhiko Kuroda began his onslaught to end two decades of economic stagnation and 15 years of deflation as the central bank pledged unprecedented easing, driving the yen down by the most since October 2011.

The yen rose for the first time in five days against the dollar as an opposition lawmaker said his party will oppose Bank of Japan Deputy Governor Nominee Kikuo Iwata, who the market sees as endorsing monetary policy easing.

Stocks rose, with the Dow Jones Industrial Average reaching a third straight record, as U.S. jobless claims dropped. The euro gained as the European Central Bank said the economy may stabilize this year.

The Bank of Japan may pack a bigger punch under Haruhiko Kuroda, an opponent of deflation who ran the nation’s currency policy and then built an international reputation leading the Asian Development Bank.